View Policies Current Attempt in Progress Pharoah Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock. and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. 1 May 1 Aug 1 Sept 1 Nov. 1 Issued 80,370 shares of common stock for cash at $6 per share. Issued 5,570 shares of preferred stock for cash at $110 per share. Issued 24,250 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land was $80,370. Issued 80.370 shares of common stock for cash at $8 per share. Issued 11.000 shares of common stock to attorneys in payment of their bill of $54,600 for services rendered in helping the company organize. Issued 11.000 shares of common stock for cash at $10 per share. Issued 1.100 shares of preferred stock for cash at $115 per share. O E Rainis